Hong Kong Exchanges & Clearing Ltd (HKEX) reported another record quarter, buoyed by surging trading volumes and a sharp rise in initial public offerings. Net income for the third quarter climbed to HKD 4.9 billion, outpacing an estimate of HKD 4.71 billion by Bloomberg consensus.
The stock market operator is poised to achieve a four-year high in IPO fundraising in 2025, bolstered by a robust flow of share sales from mainland companies and a renewed global appetite for Chinese assets. The benchmark index soared 29% year-to-date, helping set record highs for both stock and derivatives trading.
Chief Executive Officer Bonnie Chan cited the momentum of global diversification and attractiveness of Chinese assets as key factors for the satisfying performance in the quarter.
Core business revenue from trading and clearing fees jumped 54% in the third quarter, reaching HKD 7.5 billion. Throughout the first nine months of the year, 69 companies tapped the market with initial public offerings worth HKD 188.3 billion, compared to HKD 55.6 billion in the same period last year. Secondary offerings totaled HKD 264.1 billion for the January–September period.
As of the end of September, HKEX maintained an active pipeline of 297 IPO candidates. Stock trading in the quarter more than doubled, while trading flows from mainland Chinese investors via the Shanghai and Shenzhen links more than tripled.
